New York City-headquartered investment firm Pretium Partners announced Wednesday that it has hired two new managing directors as its seeks to bolster its real estate debt strategy.
The firm hired Brendan Bosman, a former senior managing director and head of U.S. housing investing at Minneapolis-based Värde Partners, and Karen Kulvin, a former senior managing director and co-head of the real estate debt platform at Los Angeles-based Kayne Anderson Real Estate.
Bosman and Kulvin each have decades of experience in real estate finance and “will strengthen Pretium’s investment team as the firm continues to expand its impact in the residential financial ecosystem,” the company said in its announcement.
Bosman spent more than 15 years at Värde Partners and closed more than $8 billion in transactions across a variety of real estate property types and financing structures. He had a particular focus on residential developers and homebuilders.
“I am excited to contribute to Pretium’s already impressive track record in homebuilder finance,” Bosman said in a statement. “This is a pivotal moment in the market, and I look forward to helping Pretium continue its leadership in this space.”
Kulvin was with Kayne Anderson for 10 years, where she was responsible for originating, underwriting and managing more than $10 billion in loans and securities. She previously was a founding partner and portfolio manager at Aqua Investment Management.
“I am thrilled to bring my decades of experience in real estate finance to Pretium as the company scales its efforts in real estate debt, and continues to create value for homebuilders, investors and communities,” Kulvin said.
Bosman will help to lead Pretium’s investment activities in homebuilder finance, which have generated $14 billion in originations since the company’s inception in 2012. Kulvin will oversee multifamily housing finance initiatives and work to grow the Pretium platform after it acquired BH Management Services — an owner and operator of 114,000 housing units — in May.
“We are excited to welcome Brendan and Karen to Pretium as we expand our offerings in residential real estate finance,” President Jonathan Pruzan said. “Growing demand for homes, coupled with persistent housing shortages in key markets across the U.S., means that real estate debt financing will be essential to increasing housing supply in the years ahead. Brendan and Karen’s experience and leadership will be instrumental to Pretium’s efforts in this area.”
“The slowdown in lending stemming from disruptions in the regional banking system has created significant consequences for homebuilders and other housing market participants,” said Josh Pristaw, Pretium’s head of real estate. “We are helping to fill the void by providing innovative and reliable financing solutions to homebuilders and multifamily developers alike. Brendan and Karen’s expertise will help us further scale those offerings.”
Pretium has more than $55 billion in assets under managements and invests in real estate assets across nearly 90 markets in the U.S. It employs about 7,000 people across its 50 global offices.
The firm made headlines in February when Bloomberg reported that it had raised $1 billion for a new fund dedicated to built-to-rent (BTR) homes. The company said at the time that it had acquired more than 7,500 BTR homes in 11 states.
Later that month, Pretium announced that it had sold a minority stake in the company to Hunter Point Capital, a strategic partnership designed to support Pretium’s long-term growth.
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